Earnings Per Share (Restated)

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share (Restated)

8. EARNINGS PER SHARE (RESTATED)

Earnings per share are based on the weighted average number of shares of common stock and dilutive potential common share equivalents outstanding. Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution of securities that could share in the earnings of the Company. Potential common share equivalents include options, restricted stock and SSARs granted to employees and deferred shares granted to directors. The Company includes dilutive stock options based on the treasury stock method. Excluded from the calculation were options and SSARs totaling 299 and 311 which were out-of-the-money and therefore anti-dilutive at September 30, 2013 and 2012, respectively. Additionally, shares related to the Company’s convertible notes, which were anti-dilutive for the nine-months ended September 30, 2012, were excluded.

The calculation of basic and diluted earnings per share for the three and nine-month periods ended September 30, 2013 and 2012 are as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	Restated				Restated
	2013		2012		2013		2012
Net income (loss) applicable to common shares	$	119,907	$	8,244	$	161,069	$	8,586
Tax-effected interest expense attributable to convertible notes		1,485		1,808		4,409		—
Net income assuming dilution	$	121,392	$	10,052	$	165,478	$	8,586
Weighted average common shares outstanding:
Basic shares		47,159		45,664		46,592		45,511
Effect of stock-based compensation		674		422		605		295
Effect of convertible notes		11,513		13,351		11,619		—
Diluted shares		59,346		59,437		58,816		45,806
Earnings (loss) per share:
Basic	$	2.54	$	0.18	$	3.46	$	0.19
Diluted	$	2.05	$	0.17	$	2.81	$	0.19